The Central Bank of Nigeria is aiming at having a sum of $50 billion by the end of this year, according to the Deputy Governor.
While the apex bank of Nigeria prides over the addition of $1 billion from the $46.2 billion recorded in March to what is now in stock as at April, it is hoped that the target of $50 billion can be reached in the next eight months.
Edward Adamu, the new CBN’s Deputy Governor, Corporate Services expressed this high hope while he spoke at the opening ceremony of the 25th seminar for business editors and financial correspondents in Uyo on Monday.
Adamu represented Godwin Emefiele, CBN Governor, at the event.
In March, Isaac Okorafor, acting director, CBN corporate communications, partly attributed the growth to the bank’s decision to restrict foreign exchange for the importation of 41 items.
Other factors which, according to him, contributed to the growth are inflow from oil and non-oil exports, and huge inflows through the investors and exporters window of the foreign exchange market.
“The bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade,” he said.
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